【期现行情】 期货方面： PP2605合约减仓震荡运行，最低价6456元/吨，最高价6532元/吨，最终收盘于6484元/吨， 在20日均线上方，涨幅0.31%。持仓量减少8586手至511792手。 【冠通期货研究报告】 PP日报：震荡运行 发布日期：2026年1月8日 【行情分析】 截至1月2日当周，PP下游开工率环比下降0.48个百分点至52.76%，处于历年同期偏低水平。其中 拉丝主力下游塑编开工率环比下跌0.60个百分点至43.14%，塑编订单环比继续小幅下降，略低于去年 同期。1月8日，新增福建联合二线等检修装置，PP企业开工率下降至78.5%左右，处于偏低水平，标 品拉丝生产比例下降至22.5%左右。今年元旦累库幅度不大，目前石化库存处于近年同期中性水平。 成本端，原油供应过剩之下，美军突袭委内瑞拉军事行动引发地缘政治担忧，但目前该国关键石油 设施未受损，且其产量仅占全球供应不足1%，特朗普称委内瑞拉将向美国移交3000万至5000万桶石油， 原油价格依然疲软。供应上，新增产能40万吨/年的中石油广西石化10月中旬投产，近期检修装置有 所增加。下游进入旺季尾声，塑编等订单继续下降，BOPP膜价格 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The PP market shows a trend of oscillating upward, but the improvement in the supply - demand pattern is limited, and the upward space is expected to be limited. The L - PP spread is expected to decline due to new capacity in the plastics industry and the end of the agricultural film peak season [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - As of the week ending January 2, the PP downstream operating rate decreased by 0.48 percentage points month - on - month to 52.76%, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring PP, dropped by 0.60 percentage points month - on - month to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [1] - On January 6, with the addition of new maintenance units such as Lihezhixin, the PP enterprise operating rate dropped to around 79%, at a relatively low level, and the production ratio of standard drawstring PP dropped to around 22% [1][4] - The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [1][4] - On the cost side, due to the oversupply of crude oil, the US military's raid on Venezuela has caused geopolitical concerns, but the key oil facilities in the country are intact, and its output accounts for less than 1% of the global supply, so the crude oil price remains weak [1] - In terms of supply, the new 400,000 - ton/year capacity of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance units has increased recently. The downstream is at the end of the peak season, orders for plastic weaving continue to decline, the price of BOPP film has dropped again, and there is a lack of large - scale centralized procurement in the market, which has limited support for the market [1] - In December, China's manufacturing PMI, non - manufacturing business activity index, and comprehensive PMI output index all rose to the expansion range, boosting market sentiment, but the improvement in the PP supply - demand pattern is limited, and the downstream order cycle is shortened [1] 3.2 Futures and Spot Market Conditions Futures - The PP2605 contract increased in positions and oscillated upward, with a minimum price of 6,345 yuan/ton, a maximum price of 6,439 yuan/ton, and finally closed at 6,423 yuan/ton, above the 20 - day moving average, with a gain of 1.09%. The open interest increased by 13,147 lots to 521,569 lots [2] Spot - The spot prices of PP in different regions showed mixed trends. The drawstring PP was quoted at 6,000 - 6,430 yuan/ton [3] 3.3 Fundamental Tracking Supply - On January 6, with the addition of new maintenance units such as Lihezhixin, the PP enterprise operating rate dropped to around 79%, at a relatively low level, and the production ratio of standard drawstring PP dropped to around 22% [4] Demand - As of the week ending January 2, the PP downstream operating rate decreased by 0.48 percentage points month - on - month to 52.76%, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring PP, dropped by 0.60 percentage points month - on - month to 43.14%, and orders continued to decline slightly, slightly lower than the same period last year [4] Inventory - On Tuesday, the early petrochemical inventory decreased by 10,000 tons month - on - month to 660,000 tons, 60,000 tons higher than the same period last year. The inventory accumulation during the New Year's Day this year was not significant, and the current petrochemical inventory is at a neutral level in the same period in recent years [4] 3.4 Raw Material End - The Brent crude oil 03 contract rose to $62 per barrel, and the CIF China price of propylene remained flat month - on - month at $740 per ton [6]

Core Insights - Precious metals, particularly gold and silver, have reached record highs due to geopolitical concerns and inflation worries stemming from the tariff war [1] - Gold's price peaked at $4,549 per ounce and silver at $83.62, prompting higher projections from market analysts [1] Market Trends - Historically, surges in gold and silver prices indicate the beginning of a new market cycle rather than the end of an existing one [2] - The current rally in precious metals is compared to the market behavior observed in mid-2020, where monetary easing led to increased liquidity and a flow of capital into safe-haven assets [3] Investment Behavior - Gold is viewed as a hedge against U.S. dollar devaluation, reacting more swiftly than stocks, while silver has both monetary and industrial value, typically following gold's price movements [4] - Following the March 2020 market crash, gold rose from $1,450 to $2,075 per ounce, and silver increased from $12 to $29 as the Federal Reserve injected liquidity [5] Capital Rotation - The initial rally in precious metals did not immediately trigger a rise in risk assets like Bitcoin, which remained in the $9,000-$12,000 range until after precious metals peaked [6] - This capital rotation signifies a shift from fear-driven positioning to growth-driven investment, reflecting similarities to the market cycle of 2020 [7]

周生生 分时图 日K线 周K线 月K线 12.12 0.19 1.59% 2.43% 1.59% 0.84% 0.00% 0.84% 1.59% 2.43% 11.64 11.74 11.83 11.93 12.03 12.12 12.22 09:30 10:30 12:00/13:00 14:00 16:10 0 4万 7万 11万 12月3日金价止跌回升，多个金店金饰价格涨到1333元/克附近，2025年12月3日，各大品牌黄金零售价 格上涨，据金投网统计，目前是周生生价格最高，为1333元/克（工费另计），菜百首饰黄金价格最 低，为1290元/克（工费另计），投资金条价格每克969-1015元左右，白银价格13.16元/克。 昨天市场传出两条与特朗普相关的重要消息，对黄金走势产生明显影响。 第一条消息，特朗普宣称将打击委内瑞拉。关键在于他是"嘴炮"还是真正动手——若付诸实际行动，将 对黄金形成显著利多；如果只是口头威慑，金价可能像"窜天猴"般短暂冲高后再度回落。 第二条消息，特朗普表示美联储主席候选人已缩减至最后一人，意味着他已基本敲定下一任主席人选。 这一消息同样对市场影响不小。 在这两个消息的共同作 ...

Group 1 - The core viewpoint of the articles indicates a significant increase in gold and silver prices, breaking the traditional inverse relationship with the US dollar, driven by geopolitical uncertainties and changing market conditions [1][2] - According to the World Gold Council, total gold demand rose by 3% year-on-year to 1,313 tons, primarily due to inflows into exchange-traded funds (ETFs) and retail investor purchases of bullion and coins [1] - Retail investors are exhibiting a "fear of missing out" (FOMO) sentiment, which has not been significantly dampened by rising gold prices, indicating strong ongoing purchasing activity [1] Group 2 - Despite the strengthening of the US dollar due to recent international trade agreements, gold and silver market demand remains robust, with silver futures rising by 3.17% and spot silver increasing by 2.84% [2] - Gold futures for December delivery increased by 2.51%, closing at $4,039.80 per ounce, successfully surpassing the psychological barrier of $4,000 [2] - The unusual market dynamic shows that the rising prices of precious metals are driven by safe-haven demand and investment inflows, which are currently outweighing traditional currency-driven price relationships [2]

Core Viewpoint - The CEO of Goldman Sachs highlighted ongoing risks related to geopolitical concerns and pending trade agreements [1] Group 1 - Geopolitical tensions continue to pose risks to the market environment [1] - Uncertainty surrounding trade agreements remains a significant concern for investors [1]